Depositors with valid deposit accounts with balances of P100,000.00 and below are not required to file claims, provided they: (1) have no obligations with the closed bank, or have not acted as co-makers of these obligations, or are not spouses of the borrowers; (2) have complete mailing address found in the bank records or have updated their addresses through the Mailing Address Update Form (MAUF) of PDIC before the start of the onsite claims settlement operation; and (3) have not maintained the account under the name of business entities

Postal Money Orders are sent to these depositors at their respective mailing addresses found in the bank records or indicated in the MAUF.

1. WHEN ARE CLAIMS FILED?

Claims are filed during the onsite Claims Settlement Operations (CSO) period, as announced in the Notice to Depositors published in national or local newspapers, or posted in the bank premises and conspicuous places within the locality, and in the PDIC website.

Depositors who failed to file their claims during the onsite CSO may do so through any of these options:

Depositors have two (2) years from PDIC’s takeover of the closed bank to file their deposit insurance claims. After the two-year period, the depositor’s right to claim for deposit insurance is barred pursuant to Section 21(e) of R.A. 3591, as amended.

2. WHO ARE REQUIRED TO FILE DEPOSIT INSURANCE CLAIMS?

Depositors:

2.1.

With valid deposit accounts with balances of more than P100,000.00;

2.2.

With outstanding obligations with the closed bank either as borrower, co-maker, or as spouse of borrower;

2.3.

With incomplete mailing address found in the bank records, or failed to update them through the MAUF issued by the PDIC;

2.4.

With accounts maintained under the name of business entities;

2.5.

With accounts not eligible for early payment, regardless of type of account and account balance per advice of PDIC; and

2.6.

Who are deceased whose filing of claim is thru the legal heirs.

3. WHAT ARE THE REQUIREMENTS IN FILING CLAIMS?

3.1.

ORIGINAL EVIDENCE OF DEPOSITS such as savings passbook, certificate of time deposit, bank statement, used or unused checks, or ATM card.

For depositors below eighteen (18) years old, photocopy of birth certificate from the Philippine Statistics Authority (PSA) or a duly certified copy issued by the local civil registrar, and valid ID of the parent.

3.4.

Original copy of a notarized Special Power of Attorney (SPA) for claimants who are not the signatories in the bank records. In the case of minor depositor, the SPA must be executed by the parent. (please click to download the sample Form of SPA).

3.5.

Claim Form:

When filing claim during the onsite CSO period, or during personal filing at the PDIC PAC, a system generated Claim Form shall be printed by PDIC representative after interview/processing.

When filing through mail, please download the PDIC Claim Form. (please click to download the Claim Form,) The claim form needs to be accomplished, signed, and notarized. Depositors must ensure that the signature on the Claim Form is similar with the signature in the bank records and the valid IDs submitted.

4. WHO SHOULD SIGN THE CLAIM FORM?

4.1

DEPOSITOR of the account

– for depositor 18 years old and above

4.2

PARENT

– of depositor below 18 years old

4.3

AGENT

– in the case of “by” account

4.4

TRUSTEE

– in the case of “In Trust for (ITF)” account

4.5

EACH DEPOSITOR/ACCOUNT HOLDER for account maintained as “Or”, “And/Or” or “And”

– in the case of joint accounts

4.6

AUTHORIZED REPRESENTATIVE/s

– for business entities, deceased depositors and person who has Special Power of Attorney (SPA) from the depositor.

5. HOW CAN CLAIMS BE FOLLOWED UP?

Status of claims may be followed up through any of the following modes:

In following up a deposit insurance claim, the depositor should have the following information ready for easy reference:

Name of the closed bank

Name of the depositor

Claim Number and/or Account Number

Remember!

Claims should be filed within the two-year prescriptive period after PDIC’s takeover of the closed bank.

For depositors below 18 years old, a parent should sign on the Claim form. For By or ITF accounts, the agent as disclosed in the bank records may sign on the Claim Form. For joint accounts “OR, AND/OR, AND” each depositor in the joint account should sign separate Claim Form. For business entities, deceased depositors, and depositors who executed a Special Power of Attorney (SPA), only the authorized representative/s should sign on the Claim Form

The PDIC will not accept claims that are incomplete or lacking in requirements.

The PDIC may also require additional documents in the course of claims processing.

All documents executed abroad should be duly authenticated by the Philippine Consulate nearest the residence of the depositor.

The PDIC, as Receiver, has the authority to adjust the interest rate on unpaid interests on deposits if such rate is deemed unreasonably higher compared to market rates.

The standard procedures for claims settlement may not apply if the closed bank fails to properly turn over to the PDIC the closed bank’s complete records. Without the complete records, the PDIC will not be able to conduct the validation process for bank deposits, a requirement before deposit insurance claims are paid.

PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the
depositing public and help promote financial stability
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